Economic Damages in Personal Injury and Wrongful Death Cases

In the state of Florida in wrongful death and personal injury cases, economic damages such as lost wages and medical expenses are uncapped. This means that there is no cap on the amount of economic damages someone can receive. However, several reforms have passed attempting to cap the amount of noneconomic damages one can receive. Noneconomic damages can include things like stress, pain, and suffering. In 2003 noneconomic damages in medical malpractice cases were limited to $500,000 per plaintiff, and if a death was involved the damages were limited to $1 million. We at Pallegar Law, P.A. specialize in personal injury cases. If you or someone you know has been injured, contact us to be connected with an experienced Sarasota car accident attorney.

The state of Florida awards economic damages through the Wrongful Death Act, which allows for damages from lost wages to be paid to both the decedent’s estate and the decedent’s survivors. When evaluating losses, juries examine factors such as age, health, earnings, skill, and how likely the decedent was to save money. These factors can directly affect how much the decedent’s estate and survivors receive in damages.

In the same way, economic damages are awarded in personal injury cases. In both cases, losses are evaluated by examining earning capacity, rather than actual earnings. Even those who provide services or unpaid labor are eligible to recover damages. Important factors are- like in wrongful death cases- things like age, health, earnings, and skills. If you or someone you know has been injured in an accident, seek out the experienced team of car accident attorneys at Pallegar Law, P.A., a firm in Sarasota, Florida.

Apart from lost wages, employment benefits are often considered in personal injury cases. Both wages and benefits are considered compensation for employment, and both are recoverable. Things like insurance, pension, or other benefits can all be considered when tallying economic damages.

Wage growth is often taken into account in these cases. Not only do wages often increase along with price inflation, but wages also increase as workers gain skills and experience. Economists have estimated wages to increase by 10-13% each year.

In wrongful death cases, inflation is taken into account as a decedent’s estate and support to survivors is expected to grow along with the rate of inflation. In both personal injury and wrongful death cases, economic damages are based on the life expectancy of the injured or deceased, as well as the survivor’s. In personal injury cases, the life expectancy is measured pre-injury. It is important to seek out an aggressive Sarasota car accident attorney in order to recover both economic and noneconomic damages from accidents and injuries.

Florida’s Wrongful Death Act specifically states that interest is included in damages awarded to survivors and as part of damages for lost accumulations to the estate of the deceased. This means that interest can be awarded on the future savings of the deceased, estimating the savings the decedent would have earned if not for their wrongful death. However, no interest can be awarded for past savings of the decedent. Economic damages are not taxable, but can be examined under the assumption that lost earnings would have been taxed. Because of this, the estimated taxes the decedent would have paid can be deducted from the lost estate accumulations.

Contact Pallegar Law, P.A. to be connected with an experienced Sarasota car accident attorney to help you receive the damages you are entitled to. Call 813-444-3912 (Tampa) or 941-893-5816 (Sarasota) for help.